Probably the biggest challenge of an entrepreneurials life is to hand over your business to a successor.

After serial discussions with entrepreneurs with no successor in place my top three points to solve this challenge:

(1) Define your activities and competencies that need to be handed over – what does it take to fit in your shoes?

(2) Search for the person (s) with the necessary (basic) skills to take over your activities, maybe not from one day to another but within a reasonable timeframe – and with your support.

(3) What`s your price for your lifetime work? Evaluate your business and verify with market prices, compare with peers and consider what price might be possible to be financed by a successor. Your purchase price need to be re-financed by the new owner within a reasonable timeframe, 5-7 years.